Opening bell: Asian markets fall on trade war fears; Reliance Infra, Torrent Pharma in news
In other news, Liberty House emerges as top bidder for Amtek Auto, while ITC sets sights higher for foods brand Aashirvaad
Asian markets drop on trade war concerns
Stocks fell in the morning trade as global trade war concerns intensified after the resignation of White House economic adviser Gary Cohn, reports Bloomberg. Overnight, the US stocks closed slightly higher. S&P 500 at 2,728 points is up 0.26%.
DMRC told to compensate Reliance Infrastructure
Delhi high court has upheld an arbitral award against Delhi Metro Rail Corp. Ltd (DMRC), directing it to pay Rs2,950 crore as compensation, along with interest, to Delhi Airport Metro Express Pvt. Ltd (DAMEPL), a unit of Reliance Infrastructure Ltd. The company plans to use the funds to pare debt.
Liberty House emerges as top bidder for Amtek Auto
UK-based Liberty House has emerged as the top bidder for the beleaguered auto parts maker Amtek Auto, which has defaulted in payment of loans, reports The Times of India.
Torrent Pharma readies bid for Sanofi’s European unit
Torrent Pharmaceuticals Ltd is readying a €2 billion (Rs16,000 crore) bid for Zentiva N.V., the generic drugs unit of France’s Sanofi, reports Mint.
ITC sets sights higher for foods brand Aashirvaad
ITC Ltd has set its sights higher for Aashirvaad, the company’s largest packaged food brand. It has set an internal target of generating Rs10,000 crore from Aashirvaad annually in five years, reports Mint.
Airtel acquires India leg of GBI submarine cable
Bharti Airtel said it has acquired India leg of Gulf Bridge International submarine cable which will boost its data carrying capacity, reports PTI.
Government likely to slash Bt Cotton seed price
The centre is likely to slash the price of genetically modified Bt cotton seeds as well as trait fees payable by domestic seed companies to technology developers, reports Mint. The maximum sale price of a seed packet is likely to be reduced from Rs800 to Rs740.
Railways to give wagon contracts in bulk
In a move that could bring cheer to rail wagon makers, the railway ministry has decided to give wagon contracts in bulk, reports The Economic Times. According to the report, railways will conduct reverse e-auction and intends to save on cost.
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